BLUE BELL, PA — BrightView Holdings Inc. (NYSE: BV) will pay a $9 million cash dividend on its Series A Preferred Stock on Oct. 1, extending its run of cash payments to 11 consecutive quarters as the landscaping company continues to avoid the potential dilution associated with paying the dividend in additional securities.
The dividend covers the period from June 30 through Sept. 29 and will be paid to preferred shareholders of record as of Sept. 15.
BrightView issued 500,000 shares of Series A Convertible Preferred Stock in August 2023 for aggregate proceeds of $500 million. The securities carry a 7% annual dividend that compounds quarterly.
The company can satisfy the dividend either in cash or in kind. BrightView said its balance-sheet flexibility allowed it to elect cash for the latest quarterly payment rather than issuing additional preferred securities.
The preferred shares can be converted into BrightView common stock at a conversion price of $9.44 per share.
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